If you have extra space in your home, inviting a tenant to share some of the financial responsibility can be a really great idea for saving money. However, you may encounter a lot of issues. Take these recommendations to heart before inviting someone into your home:
- Educate yourself on your state’s laws and adhere to them. Each state will have their own rules and regulations put in place for landlords to follow. Learn the ins and outs before you get sued for not following the law.
- Check up on the facts! Check your tenant’s references, and make sure every document they provide you with is legitimate.
- Make every contract a written contract. Additionally, make sure to hold onto every document in case you need to bring them forth at a later date.
- Let your tenant know about every preexisting issue on the property. This way they will feel more comfortable with you, and you will be legally protected because you disclosed everything.
If you would like to purchase landlord insurance, please call Insurance And Mortgage Services, located in Batavia!